A chat with my partner who has been a long-standing fan of Premium Bonds, in addition to the news that NS&I is to raise the rate on the Premium Bond prize fund from the October 2022 prize draw, prompted me to write this article.
Tim has been one of the lucky ones when it comes to his Premium Bonds but more recently his returns have been downright disappointing. So, with interest rates rising significantly elsewhere, he has made the decision to jump ship. Even the news that the prize fund rate will be increasing to 2.20% from its current level of just 1.40% will not stop him. But what will others do?